Ghana's economy expanded by 5.1% in May 2026 compared to the same period last year. This growth, though positive, marks a moderation from the 6.6% recorded in May 2025. The services sector remained the primary engine of this economic expansion.
The latest Monthly Indicator of Economic Growth (MIEG) from the Ghana Statistical Service (GSS) revealed these figures. The services sector grew by 7.2% year-on-year in May 2026, slightly below its 7.5% growth a year earlier. Information and communication activities significantly supported this sector's performance.
This economic performance fits into Ghana's broader narrative of navigating growth amidst global and domestic challenges. The continued reliance on the services sector highlights a structural shift in the economy. Previous data has shown efforts to diversify, but the current figures suggest a concentration of growth drivers.
Government Statistician, Dr. Alhassan Iddrisu, presented the report. He explained that the economy continues to expand, albeit at a gentler pace than the previous year. This statement underscores the need for careful policy calibration to sustain momentum.
The GSS report indicates that the economy is becoming increasingly dependent on the services sector. This reliance could make the economy vulnerable if the services sector faces headwinds. Policymakers will closely monitor this trend for potential risks.
Industry also maintained steady momentum, expanding by 4.2% in May 2026. This is a slight decrease from the 4.6% growth seen in May 2025. Growth in this sector was mainly driven by mining and quarrying activities. This highlights the ongoing resilience of Ghana's industrial base.
Agriculture, however, experienced a significant slowdown. The sector grew by 3.6% in May 2026, a sharp drop from 9.8% in May 2025. The GSS attributed this moderation partly to the exceptionally strong performance recorded in the previous year. Growth in 2026 was led by crops and livestock.
The services sector accounted for 51% of the country's overall economic growth in May. Industry contributed 23.8%, while agriculture accounted for 21.2%. Net taxes made up the remaining 4% of the growth. These figures illustrate the disproportionate contribution of services.
The GSS cautioned that while growth remains positive, the economy's increasing dependence on one sector poses risks. A weakening services sector could have significant negative impacts. This warning emphasizes the need for a more balanced growth strategy.
The slowdown in agriculture could have serious implications for food prices. It also affects rural incomes and export earnings. This situation underscores the urgent need for targeted policy support for the agricultural sector. Ensuring food security and supporting rural livelihoods are critical.
The GSS urged government, the Bank of Ghana, and businesses to use the monthly growth indicator. This data should inform policy and investment decisions. They also recommended greater support for agriculture. This includes improved access to inputs, irrigation, and storage infrastructure. Such measures are vital for sustainable and inclusive growth across all sectors.
The Monthly Indicator of Economic Growth is an experimental high-frequency measure. It provides an early indication of economic performance. This data is released before the official quarterly Gross Domestic Product (GDP) figures. It helps stakeholders make timely decisions based on current economic trends.